ERN: Corporate Governance (Econometrics) (Topic)最新文献

{"title":"Does Gender Matter in the Boardroom? Evidence from the Market Reaction to Mandatory New Director Announcements","authors":"Renée B. Adams, Stephen Gray, J. Nowland","doi":"10.2139/ssrn.1953152","DOIUrl":"https://doi.org/10.2139/ssrn.1953152","url":null,"abstract":"Around the world, policy makers are mandating gender quotas for boards of publicly-traded firms. Since the benefits and costs of these quotas accrue to shareholders, it is important to see how they react to the appointment of female directors. Using data on mandatory announcements of new director appointments, we find that the gender of directors appears to be value-relevant. On average, shareholders value additions of female directors more than they value additions of male directors. Firms with workplace practices in place to promote workplace equality appear to benefit the most from boardroom gender diversity. This suggests that appointing female directors may help resolve value-decreasing stakeholder conflicts.","PeriodicalId":273234,"journal":{"name":"ERN: Corporate Governance (Econometrics) (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115823217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Shareholder Proposal Rules and Practice: Evidence from a Comparison of the US and UK","authors":"Bonnie G. Buchanan, Jeffry Netter, A. Poulsen, Tina Yang","doi":"10.2139/ssrn.1969606","DOIUrl":"https://doi.org/10.2139/ssrn.1969606","url":null,"abstract":"We provide an in-depth comparison of US and UK shareholder proposal rules and relate the differences in rules to differences in proposing activities and performance, using comprehensive shareholder proposal data from both countries for 2000 through 2006. UK proposal rules are more onerous on proposal sponsors but UK proposals seem to be a more powerful governance device than US counterparts since they are binding and UK shareholders have the statutory right to call special meetings and elect directors. We observe most UK proposals are presented at special meetings and target board election. Institutions are the most active sponsor of UK proposals. As US proxy rules emphasize shareholder participation and protection rather than empowerment, there are a significantly greater number of shareholder proposals initiated in the US during the sample period, and small shareholders and social proposals dominate the proposing scene of the US. Our results suggest that shareholders can impact the corporate governance and firm performance but that the methods through which shareholders are empowered are important. We also argue that our results suggest that it may be appropriate to consider whether activist shareholders have additional responsibilities to the firm and other shareholders, including a duty to disclose their agendas or a fiduciary duty to other shareholders.","PeriodicalId":273234,"journal":{"name":"ERN: Corporate Governance (Econometrics) (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134314895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Local Industrial Structures and Female Entrepreneurship in India","authors":"Syed Ejaz Ghani, W. Kerr, Stephen D. O'Connell","doi":"10.2139/ssrn.1978915","DOIUrl":"https://doi.org/10.2139/ssrn.1978915","url":null,"abstract":"We analyze the spatial determinants of female entrepreneurship in India in the manufacturing and services sectors. We focus on the presence of incumbent female-owned businesses and their role in promoting higher subsequent female entrepreneurship relative to male entrepreneurship. We find evidence of agglomeration economies in both sectors, where higher female ownership among incumbent businesses within a district-industry predicts a greater share of subsequent entrepreneurs will be female. Moreover, higher female ownership of local businesses in related industries (e.g., those sharing similar labor needs, industries related via input-output markets) predict greater relative female entry rates even after controlling for the focal district-industry's conditions. The core patterns hold when using local industrial conditions in 1994 to instrument for incumbent conditions in 2000-2005. The results highlight that the traits of business owners in incumbent industrial structures influence the types of entrepreneurs supported.","PeriodicalId":273234,"journal":{"name":"ERN: Corporate Governance (Econometrics) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129226599","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Media Coverage of Corporate Governance Scandals and Stock Market Returns","authors":"R. Chan, S. Tang, Roy F. Ying, S. Tam","doi":"10.2139/ssrn.1869454","DOIUrl":"https://doi.org/10.2139/ssrn.1869454","url":null,"abstract":"The media plays an important role in corporate governance (CG) as corporate monitors, especially for listed companies, by uncovering corporate malpractices to the knowledge of investors. In addition to being greeted with dumping their stocks in the markets, negative media attention damages managers’ and directors’ reputations, and can reduce the value of these individuals in the labor markets. Media attention on firms with weak CG can also drive politicians and regulators to enact legislation to reform or enforce corporate law. The latter is exactly the situation in the United States (US) where an immediate legislative response in the Sarbanes-Oxley Act in the wake of a number of large corporate frauds at the turn of the new millennium, such as the cases of Enron and Worldcom, which had shocked the investing community in the US as well as around the world. Some of these corporate frauds cases were in fact first discovered by the media well before regulators took actions to investigate into the cases. The share prices of these corporations plummeted as a result of media reporting. There is no exception for Hong Kong (HK), where media attention to large corporate frauds has also drawn negative sentiments from the investing public. Although the HK government and regulatory bodies did not respond with imposing dramatic reforms in securities or corporate laws to protect investors similar to the US, they are tightening the CG requirements on HK listed corporations in the recent decade similar to other governments around the world. Research on media attention on corporate frauds up to now focuses mainly on the US markets, but little is known about their effects on investors in Asia, particularly in HK, a major financial centre in the region and a primary capital market for mainland corporations to seek funding overseas in recent years. This study intends to fill this gap in the research. The research objective of this study is to investigate the impact of media coverage of CG scandals among HK listed companies on their stocks. The questions addressed in this study are whether the impact of media coverage of large corporate frauds on investors in HK is similar to that in the US in terms of magnitudes of the stock returns and stock volumes of these companies relative to those of the market as a whole? Whether this negative impact, if any, is short-term or long-term? What are the characteristics of these firms that may account for the greater impact on their stocks?","PeriodicalId":273234,"journal":{"name":"ERN: Corporate Governance (Econometrics) (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129541326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Jumps in the Stock Returns: The Evidence from the Polish Stock Market","authors":"Barbara Będowska-Sójka","doi":"10.2139/ssrn.2019968","DOIUrl":"https://doi.org/10.2139/ssrn.2019968","url":null,"abstract":"The availability of intraday data led to the development of new concepts and models. In the paper we focus on the jumps observed in the stock and index returns. These abnormal returns should be linked to information on the market. Here we detect jumps in equally spaced 15-minute intraday returns for most liquid stocks quoted on the Warsaw Stock Exchange and WIG20 index within 7 months time. The Lee-Mykland (2008) non-parametric test of jumps is used in order to detect jumps. We use two approaches: with and without filtering the data from the periodicity. This test allows us to identify jumps with their exact time and size. We check what kind of information produces jumps in case of individual stocks and index and describe the detected jumps for KGHM in details.","PeriodicalId":273234,"journal":{"name":"ERN: Corporate Governance (Econometrics) (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125999558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}